Unconventional Policy Instruments and Transmission Channels:A State-Contingent Toolbox for the ECB

Luigi Bonatti (), Andrea Fracasso and Roberto Tamborini

No 2021/05, DEM Working Papers from Department of Economics and Management

Abstract: We present a general framework apt to explain why central banks care about the co-existence of different transmission channels of monetary policy, and hence they endow themselves with different policy instruments. Within this framework, we then review and examine the key instruments adopted by the ECB to tackle the post-pandemic challenges, with a view to their consistency and efficacy. Finally, we make a few considerations about the future perspectives of monetary policy.

Date: 2021
New Economics Papers: this item is included in nep-cba and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:trn:utwprg:2021/05

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